Crypto Scammers Shift Focus from TON to Bitcoin
Cybersecurity experts at Scam Sniffer recently observed that the creators of a popular malware tool used by scammers have chosen to steer clear of targeting the TON blockchain. In a message shared in an unnamed Telegram channel, the developers behind this malicious software announced their decision to cease operations within the TON ecosystem. The reason for this shift? A perceived lack of high-value targets, commonly referred to as “crypto whales.”
The malware’s creators are now setting their sights on the Bitcoin blockchain, which they believe will offer greater opportunities for theft. Their message to fellow fraudsters was clear: “If you enjoyed scamming users on the TON network, you’ll love doing it with Bitcoin.”
One of the key factors influencing this decision is the abundance of airdrops on the TON network, which has made phishing schemes less lucrative. The constant flow of free tokens has reduced the appeal of large-scale fraud, dampening interest among scammers.
However, not everyone agrees with this assessment. Yu Xian, founder of blockchain security firm SlowMist, believes the scammers may be underestimating TON’s potential. “A phishing group is closing shop on TON, claiming there are no whales and the community is too small. They’ve already pivoted to Bitcoin. But perhaps they’re overlooking opportunities or not sharp enough to recognize them,” Xian remarked.
TON’s Rising Popularity and Scammers’ Growing Interest
Despite this, TON’s rapid rise in 2024 paints a different picture. Since the start of the year, the value of its native token has surged by over 100%, in part due to its integration with Telegram, a platform with over 900 million users. This has positioned TON as a promising network for the broad adoption of cryptocurrency.
Unfortunately, the rapid growth of the TON blockchain has attracted scammers, whose activities have intensified since late 2023. Much of this is tied to the increasing popularity of mini-apps and tap-to-earn games, such as Notcoin and Hamster Kombat, which fraudsters have exploited to deceive users.
For example, Kaspersky Lab reported that scammers offered ways to earn Toncoin through bots and referral links. To increase their success, these fraudsters produced video tutorials, text guides, and step-by-step screenshots, making their schemes more convincing. Tonkeeper, a leading TON wallet, noted that scammers often mimic popular trends, creating tokens that resemble those of real projects, such as Hamster Kombat, to exploit the excitement surrounding new launches.
“Scammers frequently release tokens before the official coin goes public,” warned the Tonkeeper team. “Always verify token information through official sources.”
Experts from BlockAid echoed these concerns, pointing out that tools previously used to exploit Ethereum and Solana are now being adapted for TON. In September alone, more than 300 malicious decentralized applications (dapps) were launched on TON, demonstrating the growing risks within the ecosystem.
The Broader Landscape: Blockchain Networks and Fraud
Despite TON’s growing popularity, it has yet to become a prime target for scammers, according to the REKT Database. Ethereum, by contrast, leads the way, having suffered over $65 million in phishing-related losses last year—accounting for 91% of the total damage across blockchains. Arbitrum lost $5.2 million, while Bitcoin saw a more modest loss of $768,000 from phishing.
In terms of more sophisticated attacks like exploits, Ethereum again topped the list, with total losses exceeding $482.7 million. Binance, on the other hand, became the most vulnerable to exit scams, experiencing a loss of $74.5 million.
As for Bitcoin, CertiK, a well-known blockchain security company, has pointed out that scammers are increasingly drawn to the network due to its large transaction volumes, expansive user base, and significant total value locked (TVL). Phishing attacks on Bitcoin have seen a sharp rise in recent months. One notable incident involved the theft of $238 million from a Bitcoin whale, underscoring the growing risks within the ecosystem.
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